Mr Naidu, his wife Bhuvaneswari, son Lokesh and daughter-in-law Brahmini together have net assets of Rs. 46 crore in various forms.

For the fifth consecutive year, Mr Naidu and his family members declared their assets.

Mr Lokesh, who is also leader of the ruling Telugu Desam Party (TDP), explained that Mr Naidu's assets dropped as his bank balance reduced.

Ms Bhuvaneswari, who is managing director of Heritage Foods, owns net assets of Rs. 33.07 crore, down from Rs. 46.88 crore last year. Her total assets are worth Rs. 43.20 crore while liabilities are to the tune of Rs. 10.12 crore.

Mr Lokesh said Heritage had only his mother and wife in the company management. Claiming that the company does not enjoy any subsidy from the government, he said it was adhering to all corporate rules and regulations.

Mr Naidu's son said by declaring their assets voluntarily, they showed that trust and transparency were the virtues they live by. He said the other politicians should also declare their assets.

He said if anybody proved that the family owns more assets than what they have declared, they would transfer the same to him.